Power of Sales – Are you Really Getting a Good Deal?

A power of sale sounds like a great opportunity. But think carefully before you jump; they can be fraught with complications and may not end up costing less than a normal home purchase.

* The lender, not the owner, is the one who actually sells the property

* Power of sale is a right given to the lender to force the sale of the property, upon payment default (e.g. mortgage, property taxes)

* Proper notice must be given, including the opportunity for the homeowner to correct any default, after which the property may be sold

* The property must be sold at fair market value

* Lenders may not give warranties in regards to condition of the property or chattels

You may conclude that a power of sale is not necessarily ‘the best deal,” given the difficulties associated with it. Please call Liisa Arra, broker, for more information on power of sales, foreclosures, or buying a home in your desired neighbourhood!

Call Liisa at 416-487-5131 or email larra@remax.net.

Liisa Arra sells real estate in home in the Toronto neighbourhoods of Leaside, Davisville, York Mills, Willowdale and Lansing.

Power of Sales – Are you Really Getting a Good Deal?